TFI vs. BSMR
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index. Both are passively managed. Over the past 5 years, TFI returned -0.07%/yr vs 0.48%/yr for BSMR. A 0.62 correlation means they provide meaningful diversification when combined. TFI charges 0.23%/yr vs 0.18%/yr for BSMR.
Performance
TFI vs. BSMR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TFI achieves a 1.19% return, which is significantly higher than BSMR's 1.04% return.
TFI
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.19%
- 6M
- 1.64%
- 1Y
- 6.67%
- 3Y*
- 2.99%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
BSMR
- 1D
- 0.05%
- 1M
- 0.41%
- YTD
- 1.04%
- 6M
- 1.31%
- 1Y
- 4.16%
- 3Y*
- 3.03%
- 5Y*
- 0.48%
- 10Y*
- —
TFI vs. BSMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.19% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 0.41% |
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.04% | 3.10% | 1.51% | 4.47% | -7.60% | 1.09% | 4.97% | 0.16% |
Correlation
The correlation between TFI and BSMR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.62 |
The correlation between TFI and BSMR shifts across timeframes, from 0.49 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TFI vs. BSMR — Risk / Return Rank
TFI
BSMR
TFI vs. BSMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| TFI | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.74 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 7.37 | -4.97 |
| Martin ratioReturn relative to average drawdown | 7.91 | 23.41 | -15.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TFI | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.38 | 3.33 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.16 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.22 | +0.30 |
Drawdowns
TFI vs. BSMR - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than BSMR's maximum drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for TFI and BSMR.
Loading charts...
Drawdown Indicators
| TFI | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -13.49% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.57% | -2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | -3.50% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -12.02% | -3.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | 0.00% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -3.49% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.18% | +0.67% |
Volatility
TFI vs. BSMR - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than BSMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TFI | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.34% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.92% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 1.25% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 3.03% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.72% | -0.72% |
TFI vs. BSMR - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is higher than BSMR's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TFI vs. BSMR - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, more than BSMR's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.72% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and BSMR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFI has higher volatility (0.90%) compared to BSMR (0.34%). In terms of maximum drawdown, TFI dropped -15.49% vs BSMR's -13.49%.
On 5-year performance, BSMR leads with 0.48% vs -0.07% for TFI. On fees, BSMR is cheaper at 0.18% per year. On volatility, BSMR has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BSMR has performed better with a 0.48% return vs -0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMR is cheaper with a 0.18% expense ratio, compared with 0.23% for TFI.
TFI has the higher dividend yield at 3.48%, compared with 2.72% for BSMR.
TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while BSMR tracks Invesco BulletShares Municipal Bond 2027 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.23% for TFI and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.33 vs 2.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for TFI and BSMR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer